ACTIVE

BELSORG

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Financial year 2025 · closed on 31/12/2025

Net result

-20,9 M €

-272.5% YoY

Gross margin

-83,7 k €

+68.5% YoY

Equity

55,7 M €

-31.2% YoY

What does BELSORG do?

BELSORG is a Public limited company incorporated in 2007. Its main activity is: Activities of holding companies. Its registered office is in Saint-Gilles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0891.985.274

Incorporation

11/09/2007

Legal form

Public limited company

Registered office

Place Marcel Broodthaers 8
1060 Saint-Gilles · BruxellesSee on map

Contributed capital

73 788 673,73 €

Latest accounts

31/12/2025

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies

Signals

Solid equityLow riskGood liquidity

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	-83,7 k €	+68.5%	-265,8 k €	-86.4%	-142,6 k €	-73.5%	-82,2 k €	+43.7%	-146,1 k €	-143%	-60,1 k €	-5.6%	-56,9 k €	+70.3%	-191,5 k €	+47.8%	-366,8 k €		–		–		–		-143,7 k €	-49.8%	-95,9 k €	+65.7%	-279,4 k €	-244%	-81,2 k €	-3.0%	-78,8 k €	+67.8%	-244,5 k €
EBITDA	-84,7 k €	+68.3%	-267,2 k €	-85.1%	-144,4 k €	-72.5%	-83,7 k €	+43.2%	-147,4 k €	-140%	-61,5 k €	-4.7%	-58,7 k €	+69.5%	-192,4 k €	+47.8%	-368,5 k €	-1.1%	-364,5 k €	-13.3%	-321,7 k €	+40.9%	-544,2 k €	-61.9%	-336,1 k €	-18.3%	-284,2 k €	+20.2%	-356 k €	-136%	-151 k €	+33.4%	-226,7 k €	+50.2%	-455,3 k €
Operating result	-84,7 k €	+68.3%	-267,2 k €	-84.9%	-144,5 k €	-71.8%	-84,1 k €	+43.1%	-147,8 k €	-139%	-61,8 k €	-5.2%	-58,7 k €	+69.5%	-192,4 k €	+47.8%	-368,5 k €	-1.1%	-364,5 k €	-13.2%	-321,9 k €	+40.9%	-544,8 k €	-70.6%	-319,4 k €	-5.5%	-302,8 k €	+15.3%	-357,6 k €	-135%	-152,4 k €	+33.1%	-228 k €	+50.1%	-456,9 k €
Net result	-20,9 M €	-273%	12,1 M €	+1578%	-819,5 k €	-113%	6,4 M €	+224%	-5,2 M €	+71.4%	-18,1 M €	-24404%	74,4 k €	-64.9%	212 k €	-92.6%	2,9 M €	+179%	1 M €	-86.6%	7,6 M €	-20.8%	9,6 M €	-25.0%	12,8 M €	+50.3%	8,5 M €	+78.5%	4,8 M €	+691%	-810,5 k €	-174%	-296,1 k €	+29.9%	-422,3 k €
Balance sheet
Equity	55,7 M €	-31.2%	80,8 M €	-0.4%	81,1 M €	-1.0%	81,9 M €	+8.5%	75,5 M €	-6.4%	80,7 M €	-18.3%	98,8 M €	+8.0%	91,5 M €	+0.2%	91,2 M €	+3.2%	88,4 M €	+11.4%	79,4 M €	+2.5%	77,4 M €	+7.3%	72,2 M €	-2.9%	74,4 M €	+13.0%	65,8 M €	+7.8%	61 M €	-1.3%	61,8 M €	-0.5%	62,1 M €
Total assets	65,8 M €	-30.2%	94,2 M €	-2.4%	96,5 M €	-0.6%	97,1 M €	+7.8%	90,1 M €	-1.1%	91,1 M €	-16.5%	109,2 M €	+10.1%	99,2 M €	-3.5%	102,8 M €	-3.1%	106 M €	+15.4%	91,9 M €	+18.2%	77,7 M €	-8.9%	85,3 M €	-3.9%	88,8 M €	+10.9%	80,1 M €	+21.7%	65,8 M €	-1.0%	66,5 M €	-4.2%	69,4 M €
Cash	1,4 M €	+178%	510,1 k €	+230%	154,4 k €	-54.8%	341,7 k €	+56.9%	217,8 k €	+190%	75 k €	+6.2%	70,6 k €	+104%	34,7 k €	-92.4%	456,4 k €	+90.0%	240,3 k €	+2.8%	233,6 k €	+277%	62 k €	-99.2%	8,2 M €	+277%	2,2 M €	+176%	790 k €	+218%	248,7 k €	+2386%	10 k €	-47.8%	19,2 k €
Debts	9,8 M €	-22.3%	12,7 M €	-9.7%	14 M €	+0.0%	14 M €	+0.7%	13,9 M €	+36.4%	10,2 M €	+2.5%	10 M €	+34.8%	7,4 M €	-34.9%	11,3 M €	-34.0%	17,2 M €	+41.9%	12,1 M €	+11599%	103,5 k €	-99.2%	13 M €	-7.1%	14 M €	-0.2%	14 M €	+201%	4,7 M €	+0.5%	4,6 M €	-36.1%	7,3 M €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		1,0 ETP	-50.0%	2,0 ETP	0.0%	2,0 ETP	+100%	1,0 ETP	+42.9%	0,7 ETP	-30.0%	1,0 ETP	-23.1%	1,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 22 ended

Active mandates

Antoinette FREDEAU-GROSMAN

Managing director · since 27 janvier 2025 · until 24 juin 2031

Active

Emmanuel GEY

Director · since 27 janvier 2025 · until 24 juin 2031

Active

Ended mandates

Emmanuel GEY

Director · since 29 mai 2024 · until 27 janvier 2025

Ended

Emmanuel GEY

Director · since 26 mai 2023 · until 29 mai 2024

Ended

Emmanuel GEY

Director · since 28 juin 2022 · until 26 mai 2023

Ended

Emmanuel GEY

Director · since 29 juin 2021 · until 28 juin 2022

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	10/04/2026	14/02/2025	16/06/2024	05/06/2023	01/07/2022	17/08/2021
General meeting	03/04/2026	27/01/2025	29/05/2024	26/05/2023	28/06/2022	29/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	03/04/2026	10/04/2026	French	PDF
Abridged model	31/12/2024	27/01/2025	14/02/2025	French	PDF
Abridged model	31/12/2023	29/05/2024	16/06/2024	French	PDF
Abridged model	31/12/2022	26/05/2023	05/06/2023	French	PDF
Abridged model	31/12/2021	28/06/2022	01/07/2022	French	PDF
Abridged modelCorrection	31/12/2020	29/06/2021	17/08/2021	French	PDF
Abridged model	31/12/2020	29/06/2021	20/07/2021	French	PDF
Abridged model	31/12/2019	04/06/2020	18/06/2020	French	PDF
Abridged model	31/12/2018	26/06/2019	27/06/2019	French	PDF
Abridged model	31/12/2017	22/05/2018	25/09/2018	French	PDF
Full model	31/12/2016	04/05/2017	15/06/2017	French	PDF
Full model	31/12/2015	28/06/2016	18/07/2016	French	PDF
Full model	31/12/2014	30/06/2015	29/07/2015	French	PDF
Abridged model	31/12/2013	24/06/2014	28/07/2014	French	PDF
Abridged model	31/12/2012	28/06/2013	31/07/2013	French	PDF
Abridged model	31/12/2011	26/06/2012	24/07/2012	French	PDF
Abridged model	31/12/2010	28/06/2011	28/07/2011	French	PDF
Abridged model	31/12/2009	24/06/2010	06/07/2010	French	PDF
Abridged model	31/12/2008	01/07/2009	07/08/2009	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 22 ended

Active mandates

Antoinette FREDEAU-GROSMAN

Managing director · since 27 janvier 2025 · until 24 juin 2031

Active

Emmanuel GEY

Director · since 27 janvier 2025 · until 24 juin 2031

Active

Ended mandates

Emmanuel GEY

Director · since 29 mai 2024 · until 27 janvier 2025

Ended

Emmanuel GEY

Director · since 26 mai 2023 · until 29 mai 2024

Ended

Emmanuel GEY

Director · since 28 juin 2022 · until 26 mai 2023

Ended

Emmanuel GEY

Director · since 29 juin 2021 · until 28 juin 2022

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares02/03/2026
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Capital / shares02/01/2026
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Capital / shares21/10/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Mandates12/03/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates20/12/2024
DEMISSIONS, NOMINATIONS
PDF
Other07/03/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates22/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates21/03/2023
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-20,9 M €↓
19/12/2025
augmentation_capital
15/10/2025
reduction_capital
27/01/2025
reconductionAntoinette FREDEAU-GROSMAN — administrateur
27/01/2025
reconductionEmmanuel GEY — administrateur
2024
Annual accounts 202412,1 M €↑
29/05/2024
reconductionEmmanuel GEY — administrateur
2023
Annual accounts 2023-819,5 k €↓
26/05/2023
reconductionEmmanuel GEY — administrateur
2022
Annual accounts 20226,4 M €↑
28/06/2022
reconductionEmmanuel GEY — administrateur
2021
Annual accounts 2021-5,2 M €↑
2020
Annual accounts 2020-18,1 M €↓
2019
Annual accounts 201974,4 k €↓
2018
Annual accounts 2018212 k €↓
2017
Annual accounts 20172,9 M €↑
2016
Annual accounts 20161 M €↓
2015
Annual accounts 20157,6 M €↓
2014
Annual accounts 20149,6 M €↓
2013
Annual accounts 201312,8 M €↑
2012
Annual accounts 20128,5 M €↑
2011
Annual accounts 20114,8 M €↑
2010
Annual accounts 2010-810,5 k €↓
2009
Annual accounts 2009-296,1 k €↑
2008
Annual accounts 2008-422,3 k €
11/09/2007
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

BELSORG

Overview

What does BELSORG do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline